topic Double Pulls for CC's becoming the norm? - Chase, BOA in Credit Cards

Double Pulls for CC's becoming the norm? - Chase, BOA

emptypockets — Sat, 11 May 2013 12:30:10 GMT

Just wondering if this is becoming the norm. The last two cards I received did double pulls - BOA for the Better Balance Rewards card (instant approval 12.5 k, pulled EX and TU) , and Chase for the Marriott Rewards Visa Signature (15.1 k, pulled EX and TU). I am happy they were approved, but was shocked at the double pulls. I am an existing customer with BOA (mortgage) and Chase (checking, and 2 other CC's). My scores are in my signature, util 5%, AAoA 5 yrs. I have seen people report double pulls when their credit profile was "borderline," but now it seems like it is becoming much more likely to get a double pull.

People should take this into account when trying to open new accounts, especially if you are trying to limit INQ's.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 12:31:06 GMT

@emptypockets wrote:
Just wondering if this is becoming the norm. The last two cards I received did double pulls - BOA for the Better Balance Rewards card (instant approval 12.5 k, pulled EX and EQ) , and Chase for the Marriott Rewards Visa Signature (15.1 k, pulled EX and TU). I am happy they were approved, but was shocked at the double pulls. I am an existing customer with BOA (mortgage) and Chase (checking, and 2 other CC's). My scores are in my signature, util 5%, AAoA 5 yrs. I have seen people report double pulls when their credit profile was "borderline," but now it seems like it is becoming much more likely to get a double pull.

People should take this into account when trying to open new accounts, especially if you are trying to limit INQ's.

I think that they are becoming more common, although some are still getting single pulls. My last three cards (CSP, TYPrem and TYPref) all were double pulls). In the past, you expect double or triple pulls on marginal applications, but in this case each of granted CLs was above $15K....

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Cdnewmanpac — Sat, 11 May 2013 13:36:05 GMT

I have no proof, but my guess is that TU is aggressively trying to recapture market share. About 15 years ago, nobody pulled EX. I remember my first mortgage broker told me the only inquiries he ever saw on EX were for mortgage triple pulls. Then EX lowered their prices and went after lenders aggressively for a few years. Now they are the most common CRA used by the major credit card issuers. EQ dominates the credit union market, but TU has become an "also ran". As more regional banks (that used to use TU) become part of national chains that use EX, TU is losing relevance. I'm guessing that's how CK is able to afford to offer free weekly pulls. I think that's also why we are seeing more EX+TU pulls. It must have gotten a lot cheaper.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 13:59:52 GMT

@emptypockets wrote:
Just wondering if this is becoming the norm. The last two cards I received did double pulls - BOA for the Better Balance Rewards card (instant approval 12.5 k, pulled EX and TU) , and Chase for the Marriott Rewards Visa Signature (15.1 k, pulled EX and TU). I am happy they were approved, but was shocked at the double pulls. I am an existing customer with BOA (mortgage) and Chase (checking, and 2 other CC's). My scores are in my signature, util 5%, AAoA 5 yrs. I have seen people report double pulls when their credit profile was "borderline," but now it seems like it is becoming much more likely to get a double pull.

People should take this into account when trying to open new accounts, especially if you are trying to limit INQ's.

Could possibly. I doubt it. For those awesome lines 2 pulls is worth it IMO.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 14:19:03 GMT

easy enough to avoid double pull. just lock two reports before applying.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 14:20:27 GMT

@Anonymous wrote:
easy enough to avoid double pull. just lock two reports before applying.

Thats considered to be manipulating the system here and unethical. Can also lead to a triple pull.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 14:25:20 GMT

Manipulating the system? locking your reports is considered manipulating the system? really? we constantly ask the question "who are they likely to pull?" all over this forum.

If something you're applying for denies you because you only let them see one credit report, at least then you have the opportunity to decide if the application is worth 2 HP's or 3 HP's instead of 1 HP.

It's hardly manipulating. It's certainly not up there with vanilla reloads or US mint churns.

there's nothing unethical about keeping businesses from pulling your credit reports without your permission. seriously you think there's something unethical about letting them see as much private information about you as they want?

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

blondy250 — Sat, 11 May 2013 14:55:01 GMT

I agree, unethical manipulation.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 14:59:36 GMT

@Anonymous wrote:
Manipulating the system? locking your reports is considered manipulating the system? really? we constantly ask the question "who are they likely to pull?" all over this forum.

If something you're applying for denies you because you only let them see one credit report, at least then you have the opportunity to decide if the application is worth 2 HP's or 3 HP's instead of 1 HP.

It's hardly manipulating. It's certainly not up there with vanilla reloads or US mint churns.

there's nothing unethical about keeping businesses from pulling your credit reports without your permission. seriously you think there's something unethical about letting them see as much private information about you as they want?

Freezing your reports with the intent to limit a lender on who they can pull is manipulating the system because freezing reports was not created for that purpose and a lender has every right to pull whatever file they feel they need to pull whether it is 1, 2, or all 3.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 15:02:13 GMT

they do have every right to pull 1 2 or 3 reports, with your permission. And you have every right to lock 1, 2, or all 3 reports and still apply for any card you want. This is not an ethical dilemna here. this a financial and business decision on both parties part. unethical would be akin to lying, such as putting bloated income on your app or applying for credit in someone else's name. let's keep the judgement calls to the definition of the words.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

navigatethis12 — Sat, 11 May 2013 15:02:59 GMT

I don't see much wrong with locking a report to avoid it being looked at. The only time I would consider it "manipulating" is if negative information is on some bureaus and you lock them to avoid it being discovered. The only time it would cross my mind is if I have a lot of inquiries and know the lender is sensitive to that. Experian lenders don't seem to care about inquiries, though.

People asking for late payments and negative accounts to be removed could be considered "manipulating", since the negatives are valid and should stay there.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

HYPASS33 — Sat, 11 May 2013 15:07:38 GMT

When you say or people say scores are in your signature, where do I look to see that? I'm new. lol

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 15:16:22 GMT

@Anonymous wrote:
they do have every right to pull 1 2 or 3 reports, with your permission. And you have every right to lock 1, 2, or all 3 reports and still apply for any card you want. This is not an ethical dilemna here. this a financial and business decision on both parties part. unethical would be akin to lying, such as putting bloated income on your app or applying for credit in someone else's name. let's keep the judgement calls to the definition of the words.

Your not understanding what I am saying.

Freezing reports was designed only to deter identity theft. You are therefor gaming/manipulating the system when you use it for any other purpose then to deter identity theft.

It's that simple. It is not illegal, no one is saying you can't do it. This forum does not advocate it or want other members suggesting it as it is being OK to do.

Not trying to be offensive to anyone but it is what it is. If you do this you are risking denial / triple pulled because the lender 90% of the time will think something is shady as to why your only allowing them 1 report. "Gardening" and "I dont want INQs on this report" are not acceptable answers to a lender.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 15:27:46 GMT

so hypothetically, let's say i usually keep all my reports locked because I'm "scared" of identity theft. Then I say to myself, hey I want a BCP. Do I:

1. unlock all my reports then apply?

2. go to myFico, research which report they usually pull in my geography and unlock only that one?

If i do the second one, it's unethicial and I'm going to burn in the fires of hell?

Sorry for being facetious here, but really? does everyone HAVE to use products and services the way they were intended by businesses? I really can't take my tennis sneakers and use them for running?

I am almost certain there's nothing in the T&C of EX, TU, and EQ that says you can only lock because you fear identity theft.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 15:31:04 GMT

@Anonymous wrote:
so hypothetically, let's say i usually keep all my reports locked because I'm "scared" of identity theft. Then I say to myself, hey I want a BCP. Do I:

1. unlock all my reports then apply?
2. go to myFico, research which report they usually pull in my geography and unlock only that one?

If i do the second one, it's unethicial and I'm going to burn in the fires of hell?

Sorry for being facetious here, but really? does everyone HAVE to use products and services the way they were intended by businesses? I really can't take my tennis sneakers and use them for running?

I am almost certain there's nothing in the T&C of EX, TU, and EQ that says you can only lock because you fear identity theft.

Yes, this is what you should do.

We can agree to disagree. No one is saying your gonna burn in hell or whatever. It is unethical and if you cant grasp that you are absolutely welcome to do your own thing and everyone else is as well.

Good lord

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 15:50:18 GMT

I have my reports locked and its not to try and dictate what reports I want pulled or to try and cover anything up. I actually have identity theft existing on my accounts since a few years ago. At that time it was just fraudulent charges that I was able to dispute off. About 14 months ago I got a hit saying that I applied for a Bill Me Later account through PayPal. When I called it in, I was told that someone had my name, SSN, etc and was applying for an account with an email address out of Australia. It was a pain to get that inquiry removed. Ever since then I have my reports frozen. I thought i was done with that but Earlier this year when I unfroze EQ for a renters insurance policy and had it unfrozen for 10 days I got another hit for an application for a Walmart GE card.

So you can see why I have my reports frozen, it's not to manipulate the system but to protect myself. If I ever want to apply for a new card, I'll unfreeze they report, apply, then re freeze after the approval. If I get a request to unlock another report I will. But I've yet to have that request. So I you think what I'm doing is trying to hide something, that's fine, but I'm just trying to protect my security.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 15:56:37 GMT

@Anonymous wrote:
so hypothetically, let's say i usually keep all my reports locked because I'm "scared" of identity theft. Then I say to myself, hey I want a BCP. Do I:

1. unlock all my reports then apply?
2. go to myFico, research which report they usually pull in my geography and unlock only that one?

If i do the second one, it's unethicial and I'm going to burn in the fires of hell?

Sorry for being facetious here, but really? does everyone HAVE to use products and services the way they were intended by businesses? I really can't take my tennis sneakers and use them for running?

I am almost certain there's nothing in the T&C of EX, TU, and EQ that says you can only lock because you fear identity theft.

I think part of the issue here is the sponsorship of this forum, playing tricks with CRs impacts the value of the whole scoring system, and this is why the "other board" cannot be named here, because they advocate methods that impact the integrity of the report (such things are only .1% of that board but.....). Whereas VR/mint etc, impacts only the issuers, so it's OK here!

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

Anonymous — Sat, 11 May 2013 16:00:30 GMT

@Cdnewmanpac wrote:
I have no proof, but my guess is that TU is aggressively trying to recapture market share. About 15 years ago, nobody pulled EX. I remember my first mortgage broker told me the only inquiries he ever saw on EX were for mortgage triple pulls. Then EX lowered their prices and went after lenders aggressively for a few years. Now they are the most common CRA used by the major credit card issuers. EQ dominates the credit union market, but TU has become an "also ran". As more regional banks (that used to use TU) become part of national chains that use EX, TU is losing relevance. I'm guessing that's how CK is able to afford to offer free weekly pulls. I think that's also why we are seeing more EX+TU pulls. It must have gotten a lot cheaper.

Well, it varies! My Chase double pull was TU/EX, but the two Citi double pulls were EX/EQ.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

ztnjpv — Sat, 11 May 2013 17:35:15 GMT

LS2982 said:

"Thats considered to be manipulating the system here and unethical. Can also lead to a triple pull."

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Since when? Ive never heard of ethical problems with forcing a single pull by locking two. Whether that may risk a tri-pull is another matter. I have no experience in that.

Re: Double Pulls for CC's becoming the norm? - Chase, BOA

LS2982 — Sat, 11 May 2013 18:29:06 GMT

@ztnjpv wrote:
LS2982 said:

"Thats considered to be manipulating the system here and unethical. Can also lead to a triple pull."

----------------------------------------------------------------------------------------

Since when? Ive never heard of ethical problems with forcing a single pull by locking two. Whether that may risk a tri-pull is another matter. I have no experience in that.

The bottom line is everyone here is free to do as they please but certain things on this forum is not to be suggested as ok or normal. Freezing reports with the intent to block lenders from pulling It is one of them. Ask the mods.

I cant believe im taking this much flack over this, it should be common sense